How to Prepare for an Appraisal

For homeowners, a real estate appraisal is the linchpin to buying or selling their home. It allows the property transactions to occur among the buyer, seller, real estate agent and mortgage lender.

To help facilitate the appraisal process, it's beneficial to have the following  documents ready for the appraiser:

• A plat map or survey of the house and land
• A copy of the last appraisal on your home
• Information on the last purchase of the property (purchase date/sales price)
• Written property agreements, such as a maintenance agreement for a shared driveway, private roads, etc.
• Title policy that describes encroachments or easements
• Most recent real estate tax bill and legal description of the property
• Home inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, septic systems and wells
• Be sure to include a "Brag" sheet that lists any major home improvements and upgrades, the date of their installation and their cost (i.e., the addition of central air conditioning, roof repairs, room additions, deck's, major landscaping, tile, paint, sprinkler sysems, etc.)
• Information on "Homeowners Associations" including monthly or annual dues and amenities provided (i.e., common area maintenance, pools, tennis courts, playgrounds, parks, trash pick-up, snow removal, etc.)
• A list of "Proposed" improvements and cost estimates if the property is to be appraised "Subject to Completion".

Once your appraiser has arrived, you do not need to accompany him or her along on the entire site inspection. However, you should be available to answer questions about your property and to point out any home improvements.

Here are some other suggestions:

• Accessibility: Make sure that all areas of the home are accessible, including the  mechanical room (heater, water heater). 
• Housekeeping: Do not delay your appointment with the appraiser for general housekeeping. An appraiser notes only the general condition of materials inside and outside the home and this can rarely be influenced by general cleaning
• Maintenance: Repair minor things like leaky faucets, missing door handles and trim
• FHA/VA Inspection Items: If your borrower is applying for an FHA/VA loan, be sure to ask your appraiser if there are specific things that should be done before they come. Some items we may recommend might be: Install smoke detectors on all levels (especially near bedrooms); install handrails on all stairways; remove peeling paint and repaint the effected area; provide inspection access to the attic and crawl spaces.